Help For Foreclosure In Long Island – 3 Ways To Avoid Foreclosure

Few things are more devastating to families than the prospect of foreclosure. You own your home and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent.

For local NY families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, stretching out the pain for longer than anyone wants.

Fortunately, you have options available to you here in NY — perhaps more options than you realize. There are many strategies that help for foreclosure in Long Island; these are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue so you can get on with your life.

In this blog post, you’ll read about 3 ways that you can avoid foreclosure (there are other ways to avoid foreclosure as well). The goal of these strategies is to help you legally and ethically avoid foreclosure and reducing the pain and frustration that you’re facing, while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation but you’ll probably be able to find at least one of the three ways that will work for you.

Strategy #1: Work out a deal with your lender

The first strategy is called a “foreclosure workout”. In a foreclosure workout, you’ll sit down with your lender and tell them that you don’t think you can pay your current mortgage obligation but you’d like to figure something out so you can stay in your house and continue to pay your mortgage.

Contrary to popular belief, lenders don’t want to foreclose! They want happy customers who pay their mortgages, so lenders are often willing to work with homeowners to figure out a deal. This might include a temporary reprieve on your mortgage payments, or it might include a catch-up strategy where your outstanding mortgage payments are spread out so you can catch-up and pay them off, or it might include a restructuring of the outstanding amounts that you owe.

Strategy #2. Bankruptcy

Filing for bankruptcy may seem like an extreme measure but it is one of the “tools” in your foreclosure avoidance toolbelt. When you file for bankruptcy, you indicate to all of your creditors that you are no longer able to pay your bills. Filing for bankruptcy will put a stop to the foreclosure process because all creditors must stop the collection process.

Filing for bankruptcy, though, is a little extreme: it may require you to sell off some of your assets in order to pay off your creditors. And, a bankruptcy will remain on your credit score for many years, which could impact everything from getting a loan to getting a car… even getting a job. So this shouldn’t be your first line of defense!

Strategy #3. Short sale help for a foreclosure in Long Island

A short sale is the third strategy — this is where you sell your home and put the proceeds of the sale toward the amount owing on your mortgage loan. A short sale is a preferred method for people facing foreclosure because it is proactive, fast, and very effective.

It’s proactive, which means that you take matters into your own hands (that’s a major stress eliminator because so much of the stress of foreclosure comes from the process being completely out of your control).

It’s fast — in some cases, you can sell your home in as little as a week! That’s also because it’s local: You can get help for foreclosure in Long Island since organizations like Comax Properties help people going through short sales.

It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).

With a short sale, you still end up with the reality of having to leave your home but there is a bright side: The impact to your credit is much less (compared to a bankruptcy or a foreclosure) so this is a smart long-term play to give yourself some options.

If you find that you’d love to sell your house to get out from under your NY foreclosure…

Meet Joe

My name is Joe Cordes and I am the owner of Comax Properties, a local real estate solutions company. We're dedicated to helping Long Island homeowners who need a solution for their house or mortgage trouble. If you need to sell a house in Long Island call me at 516-704-7025 so we can talk about your specific needs.

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Testimonials

Comax Properties

We had to get rid of my family home, which was sad but it was time. I first met Joe in the summer of 2018. He was very professional, kind and was so understanding of my circumstances . I felt comfortable with him from day one. He was with me through the whole process and I could not have asked for a better experience . Joe was always a phone call away with any concerns or questions I had. I would highly recommend Joe Cordes. He is the best !!

Caren. C, Farmingdale NY

Comax Properties

I’ve been working with Joe for a few years now and in a sea of sameness he stands apart because he’s authentic and has integrity. Those two attributes mean he does what he says and truly cares for people. There aren’t many businesses out there like this anymore!

Kate Hall, Washington DC

Comax Properties

I first met Joe from Comax Properties when he helped out some of my clients, who were being foreclosed on and needed to sell their house via short sale. He was easy to work with and throughout the entire process, he was extremely professional, straightforward and respectful of my client’s wishes and needs. Most importantly, he was honest and did exactly what he said he was going to do, which relieved much of the stress my clients were feeling about the short sale process.

We are a real estate solutions agency that specializes in helping homeowners get rid of burdensome houses fast. We are investors and problem solvers who can buy your house fast with a fair all cash offer. We also offer free foreclosure and short sale advise and assistance.